About Litecoin (LTC)

Overview

Litecoin (LTC) is a decentralised online payment system created to address some of the issues associated with Bitcoin, such as transaction confirmation speed, scalability, mining process and transaction fees. Initially, Litecoin was a copy of the Bitcoin open source software; however, creator Charlie Lee, a former Google employee, made many changes to the code to address the issues stated above. Litecoin was released in October 2011, and by late 2013 had a market capitalisation of $1 billion.

Technology

Upon creation, the primary focus of Litecoin was to increase transaction times comparative to Bitcoin, which often took over 10 minutes for one confirmation. Litecoin uses the Proof of Work (PoW) mining system, similar to Bitcoin. However, there are some crucial differences between the two. While Bitcoin uses the SHA-256 hashing algorithm, Litecoin uses Scrypt, which is a memory intensive algorithm that ultimately makes the mining process more decentralised. Miners don't necessarily need computational power to mine; instead, anyone with access to memory in the form of a memory card can mine Litecoin, making the entire process more decentralised. Because mining Litecoin is more decentralised compared to Bitcoin, more miners can mine blocks and receive rewards, which leads to a better distribution of rewards. Moreover, Litecoin has faster process times at 2.5 minutes compared to Bitcoins 10 minutes, it is also capped at 84 million units compared to Bitcoins 21 million units.

Future Focus

Litecoin's goal is to become the primary decentralised online payment system. The main priority then is to ensure continued adoption by the masses. Litecoin focusses heavily on developing relationships with organisations globally to increase the number of merchants that accept LTC as a form of payment. Litecoin already has a large number of merchants that accept Litecoin. For a full list click here. For more information regarding Litecoin visit the official webpage.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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